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Interesting Questions
LLC stands for Limited Liability Company. It is a legal structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Creating an LLC provides personal liability protection to the owners, known as members, as their personal assets are typically separate from the company's debts and obligations. It also offers flexibility in terms of management and the potential for tax advantages.
To form an LLC in Hawaii, you need to file Articles of Organization with the Department of Commerce and Consumer Affairs (DCCA). These articles include information such as the LLC's name, purpose, management structure, and registered agent.
When naming your LLC in Hawaii, you must include a designator like 'Limited Liability Company,' 'L.L.C.,' or 'LLC.' Additionally, the name should be distinguishable from other businesses on record with the DCCA.
Yes, Hawaii allows for a single-member LLC, where one person can own and manage the entire company.
Yes, every LLC in Hawaii must have a registered agent who is responsible for accepting legal documents and official correspondence on behalf of the company.
LLCs in Hawaii need to submit an annual report to the DCCA and pay the corresponding fee. This report updates the state about any changes in the company's information, such as management or address.
Apart from the annual report, Hawaii LLCs need to comply with federal, state, and local tax requirements, maintain proper records and documents, and fulfill any specific industry regulations.
Yes, it is possible to convert your current business type, such as a sole proprietorship or partnership, into an LLC in Hawaii. The process involves filing a Certificate of Conversion with the DCCA.
The processing time for LLC formation in Hawaii varies, but it usually takes around 2-3 business days. Expedited processing is also available for an additional fee.
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